Mortgage technology

Mortgage Asset Research Institute Inc., Reston, Va., has introduced an early-alert system to help the industry detect and combat fraud.The Mortgage Fraud Alert System is "a cooperative service that notifies participating companies about emerging patterns of alleged fraud in its early stages," MARI said. The companies contribute information to the system and can use the shared data to help mitigate potential risk and minimize their exposure. The company said it worked closely with the Mortgage Bankers Association to create the alert system. MARI is a subsidiary of ChoicePoint, a provider of identification and credential verification services. It can be found online at http://www.mari-inc.com.

David Barkley, director of e-commerce relations at Freddie Mac, has been re-elected to chair the Governance Committee of the Mortgage Industry Standards Maintenance Organization.Lisa Bolelli, vice president of program management of First American Corp., has been re-elected a vice-chair of the panel, and Adam Hall, manager of information technology and Web development at IndyMac Bank, has been elected the other vice chair, MISMO reported. The committee also elected or re-elected the following members: Craig Foote of Fidelity Information Services, Mike Bixby of Info1/LandAmerica, Todd Luhtanen of Dynatek, Ed Ransden of CitiMortgage, and Ty Jenkins of DocuTech Corp. MISMO, which was established by the Mortgage Bankers Association, develops electronic commerce standards for the mortgage industry. Its Governance Committee, which oversees the organization's administration and policy development, consists of representatives of 16 MISMO subscriber organizations from a cross-section of the residential real estate finance industry. The members serve two-year terms, with half the seats up for election each year.

St. Louis-based CitiMortgage has declared itself the first lender to launch Fannie Mae's Desktop Originator "Link to Lender" feature, which allows brokers to submit loan data directly from DO to the CitiMortgage wholesale website.The feature enables transferring loan data directly to the site, and thus eliminates the need to export, import, or re-key data into the system. Once on the CitiMortgage wholesale website, brokers can access additional services and functions, such as checking rates, locking rates, and registering loans. A pilot test of the system has been completed, and the "Link to Lender" feature is now available to all CitiMortgage brokers who use DO, the company said. CitiMortgage's wholesale website can be found at https://broker.citimortage.com.

Putting SMART Docs forms, data, and rules into a single package, Phoenix-based Desert Document Services Inc. has announced the completion of a MISMO-compliant SMART Pak and accompanying software.(MISMO stands for Mortgage Industry Standards Maintenance Organization, and SMART refers to securable, manageable, archivable, retrievable, and transferable documents.) The package combines loan data, business rules, forms, and form data to enable transmission of all elements together in an Extensible Markup Language document, along with the tools to support different electronic processes. Desert Docs touted the system as being the first electronic tool tying together origination, post-close, and secondary systems. The company said SMART Pak document packages are produced on enterprise-grade Web servers capable of generating thousands of SMART Paks per day, for all types of loan programs, without waiting or downtime. Desert Docs can be found online at http://www.desertdocs.com.

Miami-based Zequel Technologies has announced that NovaStar Financial, Kansas City, Mo., has licensed and implemented its DynamicPolicy tool for Sarbanes-Oxley compliance.NovaStar is the first announced mortgage lender to adopt the system, which was released in January to manage companywide policies and procedures mandated by the Sarbanes-Oxley law. The DynamicPolicy SOA Solution offers to enable company executives to develop, manage, and enforce internal controls, including policy and procedure documentation, exception management, and the monitoring and reporting of compliance irregularities. NovaStar officials said they picked Zequel's DynamicPolicy because it goes beyond Sarbanes-Oxley compliance to help a company handle broader strategies for policy development. The Securities and Exchange Commission has given large publicly held companies until mid-2004 to meet the financial reporting and certification requirements of the Sarbanes-Oxley Act of 2002.

TransUnion, Chicago, and Acxiom, Little Rock, Ark., have announced the release of a comprehensive fraud management platform to combat the multibillion-dollar problem of fraud, citing Federal Trade Commission estimates that identity theft alone will grow to an $8.6 billion problem by 2006.The platform uses TransUnion's and Acxiom's multiple reference databases to verify a consumer's identity at any point of sale (call centers, websites, credit applications, etc.). The system also leverages TransUnion's analytics expertise "to deliver practical, actionable results that allow customers to easily implement the most effective fraud strategies," the companies said.

Data Vision Inc., Mishawaka, Ind., has announced that it is providing an Extensible Markup Language schema for integrating its RemoteDocs delivery system with the loan origination system developed by Prymak LLC, Greensboro, N.C.Prymak was formed in 2000 to purchase the source code, customer base, and all copyrights and intellectual property from BraVura Technologies, formerly FiTech Systems. Prymak will integrate RemoteDocs into its software products to enable lender customers to streamline processes and lower costs with Internet document delivery. Prymak operates as a wholly owned subsidiary of FirstPoint, also headquartered in Greensboro. Data Vision can be found online at http://www.d-vision.com.

Stewart Mortgage Information, Houston, has unveiled Stewart Assured Value Estimate, which allows lenders to buy warranty coverage for automated valuation model or appraisal products ordered via SMI.SMI said its ValuLogix platform enables lenders to use various AVMs based on certain underwriting criteria, and if the chosen AVM isn't satisfactory they can move up to a broker price opinion, a drive-by appraisal, or a Uniform Residential Appraisal Report. The SAVE product protects lenders against loss by warranting the accuracy of the property valuation as of the date of the AVM or other appraisal product, the company said. "Lenders can now obtain a much more cost-effective appraisal product without taking on the risk of loss in a foreclosure due to inaccurate valuations," said Kevin Gugenheim, SMI's president and chief operating officer. The company can be found online at http://smi.stewart.com.

BridgeSpan Inc., Frisco, Texas, has announced an extension to Feb. 27 of the deadline for submitting written proposals for the purchase of its assets.The company said it extended the deadline in response to requests from several prospective bidders. BridgeSpan and its subsidiary, BridgeSpan Title Co., filed petitions on Jan. 26 with the U.S. Bankruptcy Court for the Northern District of California, San Jose Division, for Chapter 11 bankruptcy protection. BridgeSpan and BST are soliciting proposals for the purchase of their respective assets either in whole or in part. BST has assets to sell, but the stock of BST is itself an asset of the BridgeSpan bankruptcy estate. BST is licensed to issue title insurance in California, so approval by the California Department of Insurance will be required regarding bids for the stock of BST, as well as approval by the bankruptcy court, BridgeSpan said. BridgeSpan can be found online at http://www.bridgespan.com/lf.html.

Stewart Realty Solutions, Houston, has acquired San Diego-based RealtyAssist, a provider of transaction management and paperless office systems to the real estate, closing, and mortgage industries.The terms of the transaction were not disclosed. Stewart said it has deployed the RealtyAssist transaction management system in more than 500 offices nationwide under the SureClose brand, and termed the system Stewart Realty's flagship product. Stewart Realty is a newly created, wholly owned subsidiary of Stewart Information Services Corp. offering realty-focused title insurance, closing, technology, and information products and services to local and national realty firms. "Through our four-year partnership with RealtyAssist, we have refined a system that can deliver a paperless real estate transaction, provide status to all parties to the transaction, and improve the closing experience for the consumer, Realtor, and lender," said Stewart Morris Jr., president of Stewart Information Services. The parent company can be found online at http://www.stewart.com.

Computer Sciences Corp., El Segundo, Calif., has announced the acquisition of EarlyResolution, a default management utility, from Freddie Mac.The terms of the purchase agreement were not disclosed. The agreement includes the acquisition of the utility assets, customer contacts, and intellectual property in EarlyResolution for the U.S. mortgage servicing market. The utility was created in 2000 by Freddie Mac in conjunction with Revolent Technologies and a consortium of banks. "CSC participated in the collaborative effort to build EarlyResolution and has continuously hosted and operated this business process hub since its inception," said Philip E. Comeau, vice president of nonperforming loans at Freddie Mac. "The ownership change will be virtually transparent to current users and, since EarlyResolution does not require major changes to legacy systems, servicers will find its business process services easy to use." The company can be found online at http://www.csc.com.

Loan Protector Insurance Services, a San Diego-based outsourcer of customized mortgage insurance tracking and verification programs, has developed a custom interface with Financial Industry Computer Systems Inc., a Dallas-based mortgage technology specialist.The companies said the bi-directional interface will enable users of FICS's residential servicing system, Mortgage Servicera, to have access to Loan Protector's proprietary technology software, EasyTrack. The interface enables Loan Protector to verify and track insurance changes to mortgage portfolios while keeping FICS' clients current with the latest insurance information, including the borrower's insurance company or agent, payee information, policy numbers, and dates, as well as coverage and premium amounts. Loan Protector automates much of the tracking process and reduces the level of involvement needed from lenders, allowing them to focus on other areas of strategic importance, the company said. Loan Protector can be found online at http://www.loanprotector.com, and FICS can be found at http://www.loanware.com..

Ambiron LLC has acquired Chicago-based Tekom Inc., which builds and maintains secure and reliable screen-based order-entry systems access to both electronically traded and open outcry markets.The terms of the acquisition were not disclosed. However, as a result of the deal Ambiron will now offer an array of information security and infrastructure services to electronic trading firms and electronic exchanges. Specifically, Ambiron will offer 24-hour, 7-day-a-week help desk services to financial services clients. In addition, Tekom president Mike Persico will now become a partner of Ambiron and will head up the company's business development efforts in the financial services area. Ambiron can be found on the Web at http://www.ambiron.net.

Southfield, Mich.-based Mortgage Builder Software Inc., a provider of mortgage lending software, has released an alternative system for mortgage bankers needing interim servicing capabilities for short-term loan maintenance.Mortgage Builder's Interim Servicing capability allows mortgage bankers to track and post a borrower's loan payments on a short-term basis, until another lender purchases the loan. The interim servicing option automates the process of accepting loan payments on a temporary basis and eliminates the need for a full-featured servicing system, the company said. Mortgage banks can apply borrowers' payments toward the loan principal, interest, or future escrow disbursements, as well as print payment histories and payment coupons for their borrowers. Mortgage Builder can be found on the Web at http://www.mortgagebuilder.com.

American Mortgage Network, a wholesale mortgage bank serving mortgage brokers nationwide out of San Diego, has launched IBM's eServer iSeries server to add capacity and flexibility for its mortgage broker customers."With the iSeries platform, we have made a substantial investment to help increase efficiency, speed, and reliability," said Randall Myres, AmNet's senior vice president and chief information officer. "We now have virtually unlimited scalability to handle more loan volume as we open new branches and expand existing locations." IBM's eServer iSeries product family is an integrated, flexible server that is used for information technology consolidation and running mission-critical electronic business applications. The iSeries servers can simultaneously run multiple operating systems (OS/400, Microsoft Windows, and Linux) and applications all in one centrally managed server, according to IBM. AmNet can be found on the Web at http://www.amnetmortgage.com, and IBM can be found at http://www.ibm.com.

Data Tree, a San Diego-based provider of online public land records and a member of the First American family of companies, has appointed Robert Karraa as chief operating officer.Mr. Karraa will oversee all Data Tree operations. Most recently, he served as regional vice president of sales and client services for First American Real Estate Solutions, a provider of property ownership information and applications. Data Tree falls under First American Corporation's property information and services group led by Dennis Gilmore.

Mortgage Connect, West Palm Beach, Fla., has announced the launch of a fax storage and retrieval module for its OpenClose MTG platform.The Web-based fax module delivers faxed images into a centralized loan database and automatically attaches the document images to the corresponding loan. Users print out a barcoded fax cover sheet that informs the OpenClose MTG fax storage and retrieval module where to store the document images, such as images of W-2s and pay stubs. The images can be sent from any fax machine to an OpenClose MTG fax server, automatically turning these stored documents into Adobe Acrobat PDF files and routing them to the corresponding loan's digital loan folder. The module is offered as a way to reduce the problem of lost documents, minimize overnight courier bills, and comply with government privacy and security regulations.

Lender E-Source, Vista, Calif., has formed a joint venture with Commerce Velocity, Irvine, Calif., which develops technology to assist lenders in the efforts of loan product development and guideline maintenance.Under the arrangement, mortgage bankers using Lender E-Source's Electronic Loan Finder will now have access to Commerce Velocity's pricing and decisioning engine to access electronically their fully adjusted rates and pricing. The partnership enables loan officers and brokers to receive up-to-date product pricing and eligibility information in addition to their investor product guidelines by entering minimal credit and loan data, Lender E-Source said. The service also allows mortgage bankers to integrate their own fully adjusted pricing information, enabling loan officers to make more accurate pricing decisions, the company said. "This solution brings together our company's strengths -- Commerce Velocity's market-leading decisioning engine with Lender E-Source's product guideline maintenance solution," said Jim Schwegman, vice president of sales and marketing for Commerce Velocity. The companies can be found on the Web at http://www.lendere-source.com and http://www.cvelocity.com.

Stewart Mortgage Information, Houston, has entered the bundled services arena with the launch of its "Build Your Own Bundle" product.The platform makes it possible for lenders to order custom-built packages of the company's products and services using the RealEC electronic exchange. Specifically, lenders can bundle any number of the following services: full appraisal and automated valuation models; credit reports; flood zone determinations; disclosures and closing documents; title, disbursement, and recordation services; and post-closing services like loan review, investor delivery, assignments, lien releases, trailing document retrieval, and FHA/VA insuring and pool certification assistance. Stewart can be found on the Web at http://www.stewart.com.

VMP Mortgage Solutions has unveiled Version 2.5 of its SMART Document viewer, which it is touting as the first tool to demonstrate the three aspects of MISMO-defined Level 1 SMART Docs.The three aspects are: the view tab that shows the actual document populated with data; the data tab that presents the raw data; and the Extensible Markup Language tab that presents the XML construct. (SMART stands for securable, manageable, archivable, retrievable, transferable.) The announcement was made at VMP's user conference in Las Vegas. "We're very happy that they have stepped up to the plate, put in some development dollars for the viewer, and made it available to the industry," conference attendee Gabe Minton, who oversees the Mortgage Industry Standards Maintenance Organization at the Mortgage Bankers Association, told MortgageWire. VMP senior principal Roger Gudobba said VMP has offered the viewer to the MBA's MISMO committee to use as it sees fit. Version 2.5 of the view will be presented in March at the MBA Technology Conference in Phoenix.